Old National Bancorp (NASDAQ:ONB) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Old National Bancorp (NASDAQ:ONB) announced its earnings results on Tuesday. The bank reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02, Briefing.com reports. The business had revenue of $440.20 million during the quarter, compared to the consensus estimate of $440.00 million. Old National Bancorp had a net margin of 22.91% and a return on equity of 12.04%. The business’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 earnings per share.

Old National Bancorp Stock Performance

NASDAQ:ONB opened at $16.48 on Wednesday. Old National Bancorp has a twelve month low of $11.66 and a twelve month high of $17.64. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.95. The company has a 50-day moving average of $16.46 and a 200-day moving average of $15.90. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 8.49 and a beta of 0.83.

Old National Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $0.56 annualized dividend and a yield of 3.40%. Old National Bancorp’s payout ratio is 28.87%.

Analyst Ratings Changes

ONB has been the subject of several analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $20.00 target price on shares of Old National Bancorp in a research note on Tuesday, April 2nd. Stephens reduced their price objective on shares of Old National Bancorp from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. UBS Group reduced their price objective on shares of Old National Bancorp from $20.00 to $19.00 and set a “buy” rating on the stock in a research note on Wednesday, January 24th. StockNews.com downgraded shares of Old National Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 price objective on shares of Old National Bancorp in a research note on Tuesday, April 9th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Old National Bancorp presently has an average rating of “Moderate Buy” and an average target price of $18.71.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.